Vietnam's pangasius exports to China and Hong Kong have reached their highest point this year, marking a significant milestone in June 2024. According to data from Vietnam Customs, the total value of pangasius exports to these markets in Q2/2024 amounted to $146 million, reflecting a 6.5% increase compared to the same period in 2023.
Hong Kong's import of pangasius, however, showed a decline. The region imported over $7 million worth of pangasius from Vietnam in Q2/2024, representing an 11% decrease compared to the same quarter in the previous year. Despite this, China and Hong Kong together continue to be the largest consumers of Vietnamese pangasius, contributing 28% to the total value of Vietnam's exports to all markets.
June 2024 stood out as a particularly strong month for Vietnamese pangasius exports to these regions, with the export value reaching nearly $56 million, a 16% increase from June 2023. This marks the highest monthly export value since the beginning of the year.
Frozen pangasius fillet products are the most favored among Chinese consumers. In June 2024 alone, over $36 million worth of frozen fillets were exported, up 8% compared to the same month in 2023. For the entire Q2/2024, exports of frozen pangasius fillets (HS 0304) to China and Hong Kong totaled $92 million, reflecting a modest 1% increase from the previous year. However, the first half of 2024 saw a 17% decline in the export value of these fillets to $158 million, which still accounted for 61% of the total pangasius exports to these markets.
Beyond frozen fillets, other pangasius products also witnessed significant growth in the Chinese and Hong Kong markets. Dried pangasius and various other frozen products, including whole fish, cut pieces, and bladders, saw exports nearing $100 million in Q2/2024, an 11% increase year-on-year.
While the average export price of Vietnamese pangasius to China dropped by 7% to 18% in the first half of 2024 compared to the same period in 2023, export volumes remained robust, growing by 34%. This volume growth was largely driven by the strong performance in Q2/2024.
The slowdown in China's economy is driving consumers to be more cautious with their spending. As a result, importers are increasingly focusing on more affordable products. Pangasius, being cheaper than domestic fish species like carp, tilapia, and snakehead, has solidified its position in the Chinese market. This economic environment has helped maintain the stability of pangasius exports, despite the challenges posed by lower prices.
